Execution on SPX spread Orders

I'm convinced to enter an SPX credit spread,
you have to leg in most of the time,
as has been suggested to me.
I think it must be too much farting around for them to do spreads.
I think they just want a simple buy or sell order.

I've sat all morning with an open order for a put credit spread for a credit of .30,
currently the spread is .55, and has never been smaller than .40.

Plenty of volume...

as I've said before, this stuff is fixed worse than pro 'rasslin.

Edit, I was just filled @.45.
Boy, that sure took long enough, 2 hours,
it was after the latest move down to -10 on the S&P,
we were at -4/6 most of the morning.

Now I hope I'm right...I've got a call credit spread position on the upside too, 1460/1465,
I took it about 2 weeks ago, they are both January positions. the call pos. looks pretty safe... I hope. :eek:

Are you entering the order as a spread?
I have always had better luck with the fills when I do it as seperate orders. Buy the long position first and wait for some movement. I like to see the long side in the green first before I go short on the spread.
I was watching some of the NDX puts today, but did not pull the trigger. Lot of movement. Just daytrade one of these ITM options may work out if the volitity is still there next week.

Now I hope I'm right...I've got a call credit spread position on the upside too, 1460/1465,
I took it about 2 weeks ago, they are both January positions. the call pos. looks pretty safe... I hope. :eek:

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It looks like you've got an iron condor, assuming the same month expiries for the 2 credit spreads. Which months have you got and what are your put strikes? I assume they must be pretty far otm if your cr was 0.45, and I assume you have a 5 point spread.
How do you decide which strikes to pick?
Best
daddy's boy

Arnie its always a bitch getting a fill, however if your broker is primarily an options broker and has a rep on the floor you generally do get filled. I do think you need a new broker in any case a high probability IC is often so far OTM the market makers pretty much hate you but as a retail customer you will get filled before a BD. Its just a fact of life with the SPX and CBOE we all have to live with it and legging in doesn't always work to your advantage. Definitely you might want to do the put or call spread first then complete the IC but individual legs you often end up even worse off.

Are you entering the order as a spread?
I have always had better luck with the fills when I do it as separate orders. Buy the long position first and wait for some movement. I like to see the long side in the green first before I go short on the spread.

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Yes, it was entered as a spread. I have legged in as you have suggested, as has daddy's boy and others, but the fear of not getting the credit I want is too strong.

Quote from daddy'sboy:

It looks like you've got an iron condor, assuming the same month expiries for the 2 credit spreads. Which months have you got and what are your put strikes? I assume they must be pretty far otm if your cr was 0.45, and I assume you have a 5 point spread.
How do you decide which strikes to pick?
Best
daddy's boy

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Yes, the month's are the same(Jan). Yes, a 5 point spread. How do I decide...?! That's Top Secret!...Seriously, I have a ROI I want to achieve, and I look for a spread far enough OTM given the amount of time left that I am comfortable with.

Quote from RichardRimes:

Arnie its always a bitch getting a fill, however if your broker is primarily an options broker and has a rep on the floor you generally do get filled. I do think you need a new broker in any case a high probability IC is often so far OTM the market makers pretty much hate you but as a retail customer you will get filled before a BD. Its just a fact of life with the SPX and CBOE we all have to live with it and legging in doesn't always work to your advantage. Definitely you might want to do the put or call spread first then complete the IC but individual legs you often end up even worse off.

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Hey, let's watch the language! Yes, in the past you've advised me to get a new broker, but they do send me Christmas cards, and the year before, they sent me a nifty lighter! Your comment about being worse off when legging in is why I am reluctant to do it.